TAX IMPLICATIONS
Budget 2024: What is Dividend Distribution Tax? Know How it will abolition impact the Indian economy?
In 2020-21, India's government abolished the Dividend Distribution Tax (DDT), shifting the tax burden on dividends from companies to shareholders directly. The move aimed to simplify taxation, enhance market appeal for Indian equities, stimulate domestic investment, and potentially attract more Foreign Direct Investment (FDI) into the country's economy.
GST Council Meeting: Sin goods windfall, tax relief talks, and more ahead of budget buzz
GST Council Meeting: The upcoming 53rd meeting of GST Council is poised to discuss several key measures that could pave the way for significant tax reforms ahead of the government's first full budget. Among the agenda items are -- the use of approximately Rs 70,000 crore collected from GST compensation cess on products like pan masala and cigarettes. Discussions may also cover the potential waiver of interest or penalties on tax notices issued between 2017 and 2020, excluding cases of deliberate default.
Union Budget 2024: Here is how revenue, fiscal and primary deficit impacts the Indian economy
Union Budget 2024: A revenue deficit arises when a government's day-to-day expenses surpass its total revenue receipts, necessitating borrowing, divestments, or adjustments in taxes to bridge the shortfall. In contrast, a fiscal deficit occurs when government expenditure exceeds its total receipts, influencing aspects like economic growth, price stability, production costs, and inflation.
Budget 2024: How about a 'Robot Tax' in Budget? Economists pitch the idea for AI-hit jobs
Union Budget: Economists discussed the upcoming Budget with Finance Minister Nirmala Sitharaman, focusing on growth, fiscal policy, investment, private sector involvement, food inflation, and debt. Key topics included the impact of AI on employment, 'robot tax' proposal, IMF recommendations, challenges faced by developing countries in adapting to AI technology, and insights from Gita Gopinath.
How a tax sop has created a divide in India's motown
Indian automakers are at a crossroads as they navigate the shift from internal combustion engines to electric vehicles. Consumers are showing a preference for hybrids over EVs, sparking debate among automakers. The government's proposed tax reduction for hybrids has divided industry leaders, with some advocating for incentives solely for electric vehicles. The potential impact on sales volumes and climate goals is a central point of contention.
Budget 2024: FinMin invites industry views on tax rates, laws for reducing litigation
Finance Ministry seeks input from trade bodies on tax reforms for 2024-25 Budget, including suggestions on duty structure, tax base expansion, and compliance reduction. The ministry aims to phase out tax incentives and rationalize rates while inviting proposals by June 17 ahead of the budget presentation in Parliament in July.
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View: Gotta get ready for the AI-ternative
The integration of AI, nano robotics, space tech, and battery tech is transforming industries and reshaping economic models. As digital workers replace human roles in areas like call centers and logistics, governments must address potential job losses. Suggested measures include reskilling programs, focusing on labor-intensive industries, and implementing universal basic income (UBI) to support displaced workers. This proactive approach will help manage the transition and harness the benefits of these groundbreaking technologies.
Did you miss these wealth creators? Top 40 index funds give 50-100% returns in 1 year
Index funds gain popularity, with AUM rising 30% to Rs 9.6 lakh crore in a year. Over 40 funds yield 50-100% returns. Index funds offer low-cost and straightforward equity market exposure.
RBI's ₹2 lakh-crore boost may help India's new govt have an easy-peasy run to achieve a goal
The RBI on May 22 announced a record-high dividend transfer to the government equivalent to 0.6 per cent of GDP ( Rs 2.1 lakh) from its operations in FY24. The figure has surpassed the 0.3 per cent of GDP expected in the FY25 budget from February. Hence, the rating agency said that it will aid the authorities in meeting near-term deficit reduction goals.
Flipback Tax: Razorpay restructures to cut levy; Groww pegs tax outgo at $70 million
US-registered Razorpay is quickening plans to shift its domicile to India. For the same, it has initiated a restructuring exercise through which half a dozen India units are being brought under one holding company.
Ghar Wapsi, a start up the right path
India's regulatory regime has also facilitated shifts in both directions. Outbound investments were made easier by regulators clarifying what constitutes bona fide business when a startup intends to relocate abroad. Inbound investments also face more clarity over transfer of assets, apart from overall lower sectoral restrictions on foreign investments.
Rating Agencies need to relook at India’s credit ratings: NK Singh
NK Singh, chairman of the 15th Finance Commission, highlighted the prejudice and bias affecting India's credit rating, calling for a reassessment by credit rating agencies. During a session on climate financing at the Confederation of Indian Industry’s Annual Business Summit 2024, Singh emphasized India's strong debt repayment history. He also outlined the need for $5 trillion in climate financing, with contributions from multilateral development banks, private capital, and domestic resources. Singh stressed the necessity for reforms in the global financial architecture to meet climate financing challenges.
Tax free settlement of family assets: How Godrej like family arrangement can help in redistribution of wealth among members without capital gain tax
The Supreme Court of India permits re-distribution of wealth using family arrangement among the members of the family. Further using this method eliminates the possibility of the family memebers paying any capital gains tax. The Godrej family recenlty used this process. Read here to know how you too can use family arrangement process.
CBDT brings new update in income tax AIS; now you can check the status of correction request; Here's how it works
Annual Information Statement (AIS): The Central Board of Direct Taxes (CBDT) has updated the functionality of AIS which can be found on the compliance portal. Now after you put in a correction request, you will be able to see whether the reporting source took any action at all. CBDT says this makes the system more transparent.
Income tax return: My wife is a homemaker who earns interest income below Rs 2.5 lakh from FDs, RDs. Should she file her ITR?
Our panel of experts will answer questions related to any aspect of personal finance. If you have a query, mail it to us right away.
Consumers bend the road: No straight drive from ICE to electric
The transition from internal combustion engine (ICE) vehicles to electric vehicles faces challenges as consumers show a preference for hybrids and CNG vehicles over pure EVs. Maruti Suzuki expects significant growth in CNG car sales, signaling a shift towards alternative fuel technologies alongside traditional options.
Esop non-disclosure triggers black money law
A number of resident individuals working in Indian subsidiaries and arms of offshore parents have recently received notices from the Income Tax (I-T) department which has pointed out amounts that either went undisclosed or untaxed or both.
More trouble for Patanjali: Company gets show cause notice from GST authority over ₹27 crore tax claim
Patanjali Foods faces a show cause notice from GST Intelligence in Chandigarh for a Rs 27.5 crore tax claim, involving input tax, penalties under CGST and Uttarakhand SGST Acts, recovery issues, interest implications, and the need to defend its case with uncertain financial outcomes.
BJP shamelessly 'peddled lies' before Chhattisgarh polls to implicate Bhupesh Baghel: Congress after SC ruling
In the complaint filed before the PMLA special court, the ED had alleged that a criminal syndicate of politicians, private persons, and senior government officials had siphoned off Rs 2,161 crore by selling liquor illegally from 2019 to 2022, Jairam Ramesh said.
Decoding tax rules for NRIs working remotely from India for foreign employers
The pandemic led to work flexibility, impacting NRIs with significant tax implications. The article discusses tax laws, DTAA, Act exemptions, TRC requirements, foreign assets reporting, and employer tax implications for NRIs opting for remote work.
Sovereign Gold Bond 2016 Series II final redemption is today: 3 things these SGB investors need to check before maturity
SGB final redemption: The Sovereign Gold Bond is issued by Reserve Bank on behalf of Government of India. If you are an investor in this SGB tranche, then here are a few important things to keep in mind with regards to the maturity of an SGB tranche.
Liquidity and tax implications should be key factors for investing in any instrument: Shweta Rajani
Shweta Rajani says that when making investment decisions, it is important to consider taxation and avail tax-saving provisions like Section 80C. The approaching deadline for LTCG tax highlights the implications of selling various capital assets. ELSS is the preferred investment option over PPF and NPS due to higher returns and shorter lock-in.
Which parent will pay the income tax on gains made from selling investment in minor child’s name after divorce?
When parents are married, it is the responsibility of the highest earning parent to pay income tax on gains or returns received on investments made in the name of the minor. However the situation changes when the parents are divorced, nonetheless income tax must be paid still. Read here to know which parent has to pay income tax on behalf of minor after the divorce.
Income tax payable on winnings from online, offline games of chance
E-commerce websites like Amazon, CRED, others oftentimes runs free to play gaming contests like spin-the-wheel and others. For the purpose of income tax these games are a game of chance and are taxed at flat 30% rate plus cess, etc. Nonetheless there are some things to consider if an individual has won prizes by playing similar offline or online games.
Will new NPS systematic lump sum withdrawal (SLW) option help you during retirement? Here’s how to decide
PFRDA has now introduced phased withdrawal of the lump-sum part of the maturity amount of your NPS corpus at the time of retirement. NPS subscribers can now either opt for a lump- sum withdrawal or make periodic withdrawals (systematic lump-sum withdrawal or SLW) from their corpus. Should you opt for new SLW option or stay away? How will it help to achieve your retirement goals. Read here to find out
Income tax implications of investing in shares, mutual funds, bank FDs in child's name
Investments in the name of minor childrens for future expenses like college education, marriage, others can be done in many instruments including shares, mutual funds, bank fixed deposit (FD), post office schemes among others. Further if the income of a child is clubbed with the parent then a tax exemption is also given.
Cost of flat is Rs 47 lakh, market value of property is Rs 60 lakh; what will be the TDS implication?
Our panel of experts will answer questions related to any aspect of personal finance. If you have a query, mail it to us right away.
When is the right time to exit a mutual fund & what are the tax implications? Shilpa Bhaskar Gole explains
Shilpa Bhaskar Gole discusses the reasons why people may want to exit from mutual funds. Some common reasons include reaching a long-term goal, over-diversification, and the need for emergency funds. Gole suggests that when it comes to equity funds, it is important to consider factors such as the proximity to the goal and the performance of the fund.
Jio Financial shares list on bourses; what’s the tax liability for investors?
While the listing was a booster shot, the stock succumbed to selling, largely by passive index funds, who needed to adjust their portfolio ahead of the exit of Jio Financial from Nifty 50 and Sensex
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